Cost Of Goods Sold (COGS) explained

Share this & earn $10
The Finance Storyteller
Published at : 08 Oct 2021
92040 views
873
48

Cost Of Goods Sold, or COGS. This video explains Cost Of Goods Sold in an easy to understand way. We will start off with some examples of Cost Of Goods Sold from the real world, discuss how COGS relates to gross profit and inventory, review the #COGS formula, and calculate Cost Of Goods Sold using both the FIFO and the LIFO methods.

If you are looking for powerful #inventory software that’s easy to use, and provides you visibility to your COGS and margins, then try InFlow inventory management software for free: https://inflow.grsm.io/COGS

⏱️TIMESTAMPS⏱️
00:00 Introduction to COGS
00:25 COGS in the income statement
00:48 COGS example: Apple
01:35 Cost of revenue example: Facebook
01:55 COGS example: JNJ
02:20 COGS example: Walmart
03:05 Inventory, Cost Of Goods Sold and Gross Profit
04:21 Matching revenue and COGS
05:04 Cost Of Goods Sold journal entries
06:14 Cost of Goods Sold formula
06:39 Calculating COGS using FIFO and LIFO
09:57 COGS formula FIFO vs LIFO inventory methods

Suggestion for a related video to watch: what is gross profit https://youtu.be/HknuuBkwYgg

Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and #accounting enjoyable and easier to understand. Learn the business and accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better investing decisions. Philip delivers financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!

COGScost of goods soldcogs meaning

Faith Hill - "It Matters To Me" (Official Video)

Faith Hill - "It Matters To Me" (Official Video)

sibling comparison is some next level stuff 🥱 we’re all uniquely made :) #shorts

sibling comparison is some next level stuff 🥱 we’re all uniquely made :) #shorts

[Playlist] 월요일 안녕?ㅣ축 처지는 기분을 바꿔줄 Refresh Popㅣfresh up daily pop 🍀

[Playlist] 월요일 안녕?ㅣ축 처지는 기분을 바꿔줄 Refresh Popㅣfresh up daily pop 🍀

What Do You Look For When You're Purchasing  For Your Restaurant?

What Do You Look For When You're Purchasing For Your Restaurant?

100 MYSTERY BUTTONS || Only 1 Will Let you ESCAPE the Box! 100 Mystery Balloons by 123 GO! Food

100 MYSTERY BUTTONS || Only 1 Will Let you ESCAPE the Box! 100 Mystery Balloons by 123 GO! Food

Find Out What It's Like To Be Medical Examiner

Find Out What It's Like To Be Medical Examiner

Real Vocabulary: uninterested vs. disinterested

Real Vocabulary: uninterested vs. disinterested

3 Easy Ways to Get a New Page Indexed on Google in 2 Minutes for SEO

3 Easy Ways to Get a New Page Indexed on Google in 2 Minutes for SEO

AWW New Funny Videos 2021 ● People doing funny and stupid things Part 50

AWW New Funny Videos 2021 ● People doing funny and stupid things Part 50

93  How to develop an eagerness in life to fulfill your obligations

93 How to develop an eagerness in life to fulfill your obligations

The Master Mind Principle Can Be Used As A Substitute - Andrew Carnegie

The Master Mind Principle Can Be Used As A Substitute - Andrew Carnegie

Πώς να αναθερμάνω την ερωτική μου σχέση | Familiar 18/11/2021 | OPEN TV

Πώς να αναθερμάνω την ερωτική μου σχέση | Familiar 18/11/2021 | OPEN TV

Evanescence - My Heart Is Broken

Evanescence - My Heart Is Broken

10 Amazing Websites You Didn't Know Existed! 2021

10 Amazing Websites You Didn't Know Existed! 2021

AN ENCHANTING X-MAS EVE WITH NS FOODS & TRAVELLING....

AN ENCHANTING X-MAS EVE WITH NS FOODS & TRAVELLING....

Videos That Satisfy Millions of Viewers Around the World

Videos That Satisfy Millions of Viewers Around the World

My new book was a financial disaster. What happened?

My new book was a financial disaster. What happened?

Demonstration of Donning (Putting On) Personal Protective Equipment (PPE)

Demonstration of Donning (Putting On) Personal Protective Equipment (PPE)

A gradual process

A gradual process

ادوات الربط الاكاديمية ( اضافة معلومات )In addition/Additionally/Furthermore/Moreover

ادوات الربط الاكاديمية ( اضافة معلومات )In addition/Additionally/Furthermore/Moreover

HOW I BEAT TENZ IN TWITCH RIVALS !?! ($12,000)

HOW I BEAT TENZ IN TWITCH RIVALS !?! ($12,000)

Matthew 25 The Parable of the Talents Lesson Video

Matthew 25 The Parable of the Talents Lesson Video

Birdy - People Help The People [Official Music Video]

Birdy - People Help The People [Official Music Video]

The State Call of Duty in 2021...

The State Call of Duty in 2021...

A$AP Ferg - Plain Jane REMIX (Official Audio) ft. Nicki Minaj

A$AP Ferg - Plain Jane REMIX (Official Audio) ft. Nicki Minaj

Opting for the Outdoors Palos Verdes Homes

Opting for the Outdoors Palos Verdes Homes

Why U.S. Malls Are Disappearing

Why U.S. Malls Are Disappearing

These Are ACTUALLY The Worst Anime Games On Steam

These Are ACTUALLY The Worst Anime Games On Steam

10 Types of Minecraft Clients

10 Types of Minecraft Clients

Amy Allen - Difficult (Official Music Video)

Amy Allen - Difficult (Official Music Video)

The Professionals Bodie & Doyle S 4 E 15

The Professionals Bodie & Doyle S 4 E 15

Independent Feat. Lil' Boosie and Lil' Phat (video

Independent Feat. Lil' Boosie and Lil' Phat (video

GET THE JOB IMMEDIATELY! |MOST POWERFUL GANAPATI MANTRA FOR SUCCESSFUL CAREER|108 Times |Maha Mantra

GET THE JOB IMMEDIATELY! |MOST POWERFUL GANAPATI MANTRA FOR SUCCESSFUL CAREER|108 Times |Maha Mantra

技法は色々、流儀はひとつ There are various techniques, but one style

技法は色々、流儀はひとつ There are various techniques, but one style

Building Your College List & Deciding Where to Apply to College // ACE THE APP

Building Your College List & Deciding Where to Apply to College // ACE THE APP

GLAY / HOWEVER (EXPO 2001 in Tokyo STADIUM)

GLAY / HOWEVER (EXPO 2001 in Tokyo STADIUM)

India: Could there be an alternative to 'stubble burning'? | DW News

India: Could there be an alternative to 'stubble burning'? | DW News

Why there ISN'T a Rolex Bubble - 2021 UPDATE

Why there ISN'T a Rolex Bubble - 2021 UPDATE

How To Manage Your Money (50/30/20 Rule)

How To Manage Your Money (50/30/20 Rule)

S3:E20 TMCP Special: Community Question Round-Up No.4 with Ramesh and Ryan

S3:E20 TMCP Special: Community Question Round-Up No.4 with Ramesh and Ryan

A Luxurious Nigerian Wedding Meet #TheFenwas  2021

A Luxurious Nigerian Wedding Meet #TheFenwas 2021

WaW: Zombies *The First Is Normally The Worst*

WaW: Zombies *The First Is Normally The Worst*

How a pilot gets off a fairly large ship

How a pilot gets off a fairly large ship

UFO Potholes and Our Collective Eyebrow

UFO Potholes and Our Collective Eyebrow

@ELI x @George Hora - Studenta | Audio

@ELI x @George Hora - Studenta | Audio

VACATIONS - Young

VACATIONS - Young

Aftermovie SOCIAL GATHERING 2018

Aftermovie SOCIAL GATHERING 2018

Jordan Peterson: How to Become HYPER EFFICIENT

Jordan Peterson: How to Become HYPER EFFICIENT

Sectiunea Salajan - Exact (MixTAPE)

Sectiunea Salajan - Exact (MixTAPE)